As an analyst with a decade of experience in the cryptocurrency industry, I find the expansion of Stand With Crypto to Australia as a significant step towards global regulatory clarity and crypto-friendly policies. Being based in Sydney myself, I’ve witnessed firsthand the potential that Australian talent has in contributing to this burgeoning sector.
In simpler terms, the pro-cryptocurrency organization, Stand With Crypto (supported by Coinbase), is growing its reach into Australia, aiming to promote clear regulations and policies that are favorable towards cryptocurrencies within the nation.
Tom Duff Gordon, who holds the position of Vice President for International Policy at Coinbase, shared that the primary objective behind launching a new branch of Stand With Crypto is to draw political focus towards the numerous practical applications of blockchain technology and advocate for reasonable regulations that would favor crypto companies operating within Australian jurisdiction.
Stand With Crypto expands to Australia
Duff Gordon expressed his desire to shift the public perception of cryptocurrency from being associated only with fraud and scams. He suggested highlighting beneficial use cases to achieve this goal. If we can generate support for this movement both from grassroots efforts and top-level advocacy, he believes we can increase the visibility of crypto in Australia.
At the gathering, Simon Kennedy, who is part of Australia’s House of Representatives, indicated that the crypto sector might receive backing from the Liberal Party as the nation approaches its federal election in late 2025.
Kennedy stated, “I believe the Liberal Party will strongly back this sector. While I hope for bipartisanship, you can definitely expect our support in this area.
Australian crypto advocates push for clarity
John O’Loghlen, managing director of Coinbase Australia, informed CryptoMoon that Stand With Crypto aims to step forward and collaborate with regulators in creating fair policies, as well as elevating the importance of cryptocurrency within the Australian government’s regulatory focus.
As a researcher, I find it deeply troubling when there’s a lack of clear regulations and appropriate guidance. This uncertainty could lead many promising talents and young professionals to seek opportunities elsewhere at the start of their careers.
Many national leaders within the cryptocurrency sector frequently express concerns about unclear policies and slow advancement in their respective countries’ crypto policy development.
In September, Jason Titman, CEO of Swyftx, mentioned in an interview with CryptoMoon that many investors and potential business owners are waiting for clarification on the regulations regarding the market before they join in. He also expressed a need for guidance on using common terms related to the crypto industry within existing regulations, especially those under the supervision of ASIC (Australian Securities and Investments Commission), specifically focusing on digital native terminologies.
O’Loghlen pointed out that when we compare the Howey Act and international regulations to our current situation in Australia, much of this legislation is over 80 to 90 years old and was originally designed for things like selling oranges from an orchard. Today, these rules seem quite outdated because they don’t take into account modern asset classes and technologies that we have now.
Crypto advocates push for clarity
On July 12, Stand With Crypto made its debut in Canada, mirroring an earlier launch that took place in the United Kingdom in May.
In the USA, Stand With Crypto compiles both pro-cryptocurrency and anti-cryptocurrency statements from various political candidates running at federal, state, and local levels.
Lately, this organization primarily directed its energies towards motivating users to back politicians who favor cryptocurrency in the U.S. elections. Subsequently, they announced that over 280 pro-cryptocurrency candidates who were running for the House of Representatives and Senate in the U.S. won their seats during the 2024 elections.
Supporters of the industry are optimistic that with a crypto-friendly U.S. president and a new Congress, there’s a chance to pass favorable cryptocurrency bills such as the Financial Innovation and Technology for the 21st Century Act. This particular act, which has already passed in the House, is set for a vote in the Senate next.
Read More
- OKB PREDICTION. OKB cryptocurrency
- RLC PREDICTION. RLC cryptocurrency
- TRB PREDICTION. TRB cryptocurrency
- CAKE PREDICTION. CAKE cryptocurrency
- XDC PREDICTION. XDC cryptocurrency
- POL PREDICTION. POL cryptocurrency
- SXP PREDICTION. SXP cryptocurrency
- ZEN PREDICTION. ZEN cryptocurrency
- CTXC PREDICTION. CTXC cryptocurrency
- FLOKI PREDICTION. FLOKI cryptocurrency
2024-11-11 12:14